First Tin Plc · LSE:1SN
First Tin — Investor Presentation (September 2026)
29 slides from First Tin's investor presentation, September 2026
Slide 1: Exceptional exposure to high-value, advanced tin projects in Australia and Germany
Exceptional exposure to high-value, advanced tin projects in Australia and Germany Investor presentation | September 2026 firsttin.com · LSE: 1SN · FSX
Slide 2: Disclaimer
I M POR T AN T I N F OR MA T IO N LSE: 1SN · 1 Disclaimer This document (“Presentation”) has been prepared by First Tin plc a public limited company incorporated and registered in This Presentation is exempt from the general restriction set out in section 21 of the Financial Services and Markets Act
Slide 3: Disclaimer, continued
I M POR T AN T I N F OR MA T IO N LSE: 1SN · 2 Disclaimer, continued Each of the Joint Brokers are authorised and regulated by the Financial Conduct Authority in the United Kingdom. Persons should not rely on any forward-looking statements and the Company accepts no obligation to disseminate any upd
Slide 4: Investment case: exceptional exposure to critical mineral tin
INVESTMENT CA SE LSE: 1SN · 3 First Tin offers investors exceptional exposure to critical mineral Tin 377,300 t Tin A$580m* Contained Sn Resource The Hidden Gem Taronga Post-Tax NPV • 100% ownership of two low-risk • Attractive economics with OECD tin projects. significant leverage to higher tin • L
Slide 5: First Tin provides access to secure OECD Tin supply
FI R S T T I N OVE R VI EW LSE: 1SN · 4 First Tin provides access to secure OECD Tin supply… TELLERHÄUSER & GOTTESBERG • Historic mining district TARONGA at centre of Europe’s high tech manufacturing • Significant historic tin belt district • PFS published • Updated DFS published • Mining license to
Slide 6: Largest undeveloped OECD primary tin resource base
FI R S T T I N OVE R VI EW LSE: 1SN · 5 …with the largest undeveloped OECD primary tin Resource base TARONGA ONE OF THE FEW TIN PROJECTS WITH DEFINED RESERVES Taronga — NSW, Australia Saxore — Germany Contained Sn Tellerhäuser Reserves Mt % Sn Contained Tonnes Resource Mt % Sn %Fe₂O₃ %Zn Ag In Sn To
Slide 7: Corporate Overview
FI R S T T I N OVE R VI EW LSE: 1SN · 6 Corporate Overview Market Summary Significant shareholders over 3% Market LSE and FSX Number of Total share Stakeholders Shares % Ticker 1SN MetalsX Ltd 162,309,524 29.95% Shares in Issue 541.8m Baker Steel Resources Trust Limited 53,770,871 9.92% Market Cap (
Slide 8: Tin is powering the technologies shaping our future
D EM A ND A ND SU P PL Y LSE: 1SN · 7 Tin is powering the technologies shaping our future… INDISPENSIBLE. IRREPLACEABLE. IN DEMAND REFINED TIN USAGE, 2024 100% = 379,700Tonnes AI & ADVANCED COMPUTING SEMICONDUCTORS Other Cu Alloys 7% 5% Batteries 8% ENERGY BATTERIES AND TRANSITION ENERGY STORAGE Tin
Slide 9: Tin supply has stagnated and is unreliable
D EM A ND A ND SU P PL Y LSE: 1SN · 8 …while Tin supply has stagnated and is unreliable Source: ITA, newsfeeds, World Mining Data 2025, Company websites; team analysis First Tin | Investor presentation · September 2026
Slide 10: Global inventories at historic low with growing supply deficit forecast
D EM A ND A ND SU P PL Y LSE: 1SN · 9 Global inventories at historic low with growing supply deficit forecast Global Refined Tin Stocks (kt) Global Tin Supply-Demand Forecast to 2035 kt Refined tin equivalent ** * • US strategic stockpile reduced and sold off following the end of the cold war • Curr
Slide 11: Limited pipeline of advanced tin projects
D EM A ND A ND SU P PL Y LSE: 1SN · 10 Limited pipeline of advanced tin projects Project Resource Mt % Sn Contained t Sn Stage Taronga (AU-NSW) 157.3 0.09 147,800 DFS Tellerhäuser (DE) 27.9 0.50 138,600 PFS Gottesberg (DE) 37.0 0.25 90,900 PEA First Tin total 222.2 0.17 377,300 Achmmach (MA) 39.1 0.
Slide 12: Tin price hitting records due to tight supply
D EM A ND A ND SU P PL Y LSE: 1SN · 11 Tin price hitting records due to tight supply LME Price LME Tin Price (last 12 months) Steepening USD/tonne cost curve 60000 55000 • Declining grades 50000 • Inflationary pressures Tin price hitting records due to tightening supply, with risk of - Labour 45000
Slide 13: Significantly enhanced Project Value A$580m
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 12 Significantly enhanced Project Value Taronga Post-Tax NPV8 Staircase (AUDm)* 580 73 653 A$580m Combined Post-Tax NPV at current spot tin price 334 246 Further upside potential: 190 • Future recovery of valuable Cu 56 and Ag by-products
Slide 14: Taronga advancing towards production
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 13 Taronga advancing towards production… A LARGE-SCALE, LOW-COST ASSET IN A LOW-RISK JURISDICTION Attribute Profile Updated Definitive Feasibility Study completed** ✓ Freehold land ownership* Low risk MLA lodged & native title clearance ✓
Slide 15: Taronga outcrops along a ridge with very low pre-stripping requirement
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 14 Taronga outcrops along a ridge with very low pre-stripping requirement WIDE AND CONTINUOUS MINERALISATION, OPEN IN ALL DIRECTIONS Measured Indicated First Tin | Investor presentation · September 2026
Slide 16: Low-cost open pit mining with <1:1 strip ratio
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 15 Low-cost open pit mining with <1:1 strip ratio South Pit Phase 1 North Pit Phase 1 First Tin | Investor presentation · September 2026
Slide 17: Mineralogy allows easy liberation and beneficiation of the cassiterite
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 16 Mineralogy allows easy liberation and beneficiation of the cassiterite… Coarse cassiterite within sub-vertical quartz veins Crushing fractures along quartz veins exposing cassiterite Relatively simple tin mineralogy AI rendered image o
Slide 18: Simple, low-tech gravity dominated processing route
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 17 …through a simple, low-tech gravity dominated processing route First Tin | Investor presentation · September 2026
Slide 19: Competitive costs with high margin
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 18 Simple open pit geology and mineralogy provide competitive costs with high margin Taronga DFS Cost and Margin Staircase at Spot Tin Price USD/t Price/Cost 60,000 Spot Tin Price August 4, 2026: US$55,675/t tin sold 50,000 40,000 66% 30,
Slide 20: Maiden Mineral Resource Estimate for Copper and Silver
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 19 Maiden Mineral Resource Estimate for Copper and Silver Silver and Copper Intercepts in Drilling Cu-Ag by-product Sulphide residue optionality Category Mt Cu % Ag ppm Cu kt Ag Moz Inferred* 157.3 0.04 2.6 66.1 13.3 Total 157.3 0.04 2.6
Slide 21: Taronga at the centre of a broader northern NSW tin district
T AR ONG A T I N PR OJE CT , N SW, A U ST R AL I A LSE: 1SN · 20 Taronga is at the centre of a broader northern NSW tin district offering longer term developmental potential Tingha: another Taronga scale opportunity Taronga: • Significant 752km2 exploration tenure • Various targets with previous dri
Slide 22: Tellerh\u00e4user, a large polymetallic resource in a historic mining district
S AX OR E BE R G BA U, GE R M ANY LSE: 1SN · 21 Tellerhäuser, a large polymetallic resource in a historic mining district at the centre of Germany’s semi-conductor and EV hubs First Tin | Investor presentation · September 2026
Slide 23: Securing local critical tin from mine to OEM
S AX OR E BE R G BA U, GE R M ANY LSE: 1SN · 22 Strategically securing local critical tin from mine to OEM for Germany’s advanced manufacturing supply chain GERMAN OEM Zero-Trace Mining by underground processing Smelting on behalf of SAXORE Crushing processing Screening Sn Dry sorting 50% dry Grindi
Slide 24: Critical Mineral By-Product Targets in Tellerh\u00e4user and Gottesberg
S AX OR E BE R G BA U, GE R M ANY LSE: 1SN · 23 Critical Mineral By-Product Targets in Tellerhäuser and Gottesberg Exploration Gottesberg and Auersberg Germanium Resource at Tellerhäuser Gottesberg Exploration Targets for critical mineral by-products Tonnage Ga Metric Range Cu % WO3 % Bi % As % Ag p
Slide 25: Tellerh\u00e4user is at an advanced stage of its permitting process
S AX OR E BE R G BA U, GE R M ANY LSE: 1SN · 24 Tellerhäuser is at an advanced stage of its permitting process Facultative LoMP Tellerhäuser: • Without formal EIA • Without regional planning Environmental Risk Assessment ✓ procedure • Stakeholder participation only Separate applications ✓ Exploratio
Slide 26: Higher tin prices may enable earlier mining at Tellerh\u00e4user
S AX OR E BE R G BA U, GE R M ANY LSE: 1SN · 25 Higher tin prices may enable earlier mining at Tellerhäuser targeting schist ore in upper levels at Hämmerlein and Zweibach Zweibach Hämmerlei Hämmerlein n Dreiberg 1st Phase: Hämmerlein & Zweibach Schist only 2nd Phase: Dreiberg High Grade Skarn blend
Slide 27: Valuation and re-rating potential
FI R S T T I N OVE R VI EW LSE: 1SN · 26 Valuation and re-rating potential Taronga upside: Financial Metrics (GBP* millions) • Receipt of developmental approval. • 445 + • Recovery of Cu and Ag by-products. Fine tin circuit for higher recoveries. 336 • Further LoM extension. 180 302 • Nearby explora
Slide 28: Compelling investment case
FI R S T T I N OVE R VI EW LSE: 1SN · 27 Compelling investment case • 100% ownership of two low-capex tin projects in low-risk OECD Long-term growth potential jurisdictions with existing infrastructure — greater security of Value supply. • Value enhanced updated Taronga DFS published: open pit, <1:1
Slide 29: Get in touch
Get in touch Bill Scotting Chief Executive Officer Bill.scotting@firsttin.com firsttin.com · LSE: 1SN · FSX